Whiskey Business tickets are now on sale. Buy yours before prices go up!

Wednesday, December 5, 2018

Newburgh Heights Passes Student Loan Incentive to Attract College Grads

Posted By on Wed, Dec 5, 2018 at 11:54 AM

click to enlarge Newburgh Heights Mayor Trevor Elkins
  • Newburgh Heights Mayor Trevor Elkins

The Village of Newburgh Heights has passed legislation that will create a fund to assist new home buyers with student loans. College grads who move to the itty-bitty blue-collar suburb off I-77 will now be eligible to receive 50 percent of their outstanding college debt or $50,000, whichever is lower.

The incentive would be vested at 80 percent after 10 years of residency and fully vested after 15 years of residency to encourage long-term home-ownership and housing-stock stability.

Mayor Trevor Elkins, who proposed the legislation last month, described it as a means to attract young college grads and to give Newburgh Heights' a leg up as it tries to grow its population and its tax base in a changing "knowledge-based" economy.



The legislation will apply to purchases of homes exceeding $50,000, of which there are currently seven for sale within Newburgh Heights village limits. The legislation is attached below.


 

Tags: , , , , ,

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2019 Cleveland Scene: 737 Bolivar Rd., Suite 4100, Cleveland, OH 44115, (216) 241-7550
Logos and trademarks on this site are property of their respective owners.


Website powered by Foundation